The United States Artificial Intelligence Market Is Expected To Grow At CAGR Of ~26% By 2028: Ken Research

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What is the Size of US Artificial intelligence industry?

US Artificial Intelligence market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028. The US Artificial Intelligence Market has been developing for the last few years now & is widely applied across various fields including healthcare, finance, manufacturing, retail etc. which has been influencing its growth across these industries. In the United States, the most prominent examples of AI applications include natural language, processing, machine learning, computer vision, robotics and autonomous systems. Several key factors have ensured that the Artificial Intelligence Market has grown multi-fold within the country. First, increasing investment by both public & private sector have ensured that the AI industry is thriving.

Second, the continuous progress made by the country in finding hardware, AI algorithms & computing power which makes sure that the US Artificial Intelligence market continues to thrive & contribute to the country’s economic growth.  Third, many companies are adopting the artificial intelligence mechanisms in order to improve efficiency, enhance decision making & develop innovative products & services. For instance, Microsoft focuses on using AI for web search & image generation.  Lastly, there is immense support by the government of United States. With schemes like National Initiative & American AI Initiative make sure that artificial intelligence is used for economic development & national security.

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Us artificial intelligence market by Type

The US Artificial Intelligence market is segmented by Components into Software & Hardware. Amongst the two components, software is becoming the dominant segment in the market in 2022, as its demands are constantly increasing.

Software & services includes various types of AI platforms, frameworks & applications that enable businesses to build & deploy AI solutions. AI software includes natural language processing (NLP), computer vision, machine learning & deep learning tools. These services cater to businesses seeking to integrate AI into their systems. Hardware consists of specialized processors & chips designed to accelerate AI computations, Graphic Processor Units (GPUs) and Tensor Processing Units (TPUs) are prime examples of AI-specific hardware which is used to run & train AI models.

Us Artificial Intelligence Market By Industry

The US Artificial Intelligence market is segmented by Industry into Healthcare, Finance, Retail & E-commerce, Manufacturing & Automotive industry. Undoubtedly, manufacturing industry is leading the way when it comes to using artificial intelligence in 2022. Predictive mechanisms are used to monitor equipment & machinery in real time.  In certain manufacturing sectors like automotives & aerospace, AI powered autonomous vehicles & drones were employed for material handling & inventory management, enhancing the efficiency & safety of these operations.

Us Artificial Intelligence Market by geography

The US Artificial Intelligence market is segmented by Geography: North, East, South & West regions. North region of the US artificial intelligence market includes Silicon Valley & Seattle. Silicon Valley is dominant mode in the market in 2022. It is a house to many tech giants, start-ups & research institutions working on developing cutting-edge technologies. South region includes places like Texas, Florida & Georgia, which have seen an increase in AI related activities, driven by growth of AI companies & research centers. This region is also seeing the application which includes agriculture, energy & finance. AI Development is not limited to specific regions, as there are pockets of AI research & start-ups across the country.

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Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:

• • Government agencies
  • Tech companies
  • Investors & Venture Capital Firms
  • Academic & Research Institutions
  • Businesses across Industries
  • Consulting Firms
  • Educational Institutions
  • Non-profit organizations

Time Period Captured in the Report:

• • Historical Period: 2017-2022
  • Base Year: 2022
  • Forecast Period: 2023-2028

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US artificial intelligence market

How Google and IBM Watson Started AI Revolution in US? : Ken Research

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Google has invested $30 billion towards developing its search engine & Google Assistant. Moreover, companies like Google & IBM are playing a key role in facilitating AI related start-ups make it big in AI market.

Google & IBM are two leading players in the United States Artificial Intelligence market. Both these companies have massively invested in the market, not only for themselves, but also to ensure other AI-related start-ups & companies are thriving. Thereby, increasing their own customer base as well.

Story Outline

• IBM Watson’s Natural language processing services have enabled significant cost savings & data security for companies processing large volumes of documents with advanced features like content mining & keypoint analysis
• Google’s massive investment in AI, amounting to 7 million dollars have fuelled innovation in various domains including search, mobile apps & healthcare. They have also invested in start-ups to expand their customer base.
• Both Google & IBM offer AI powered solutions for cybersecurity & customer experience. IBM provides AI based cybersecurity solutions while Google offers Cloud Security Workbench & other AI models to tackle security threats.
• According to Ken Research, the US artificial intelligence market is expected to reach more than 100 billion towards 2028, owing to digitalization & a significant reliance on AI-integrated systems for analyzing large amount of data & improving operational efficiency.

1. IBM Watson & Google Transforming Industries with Advanced NLP

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Natural language is a smooth interface where humans & machines can understand each other’s language, which involves speech recognition & voice generation. One of the companies which used Natural Language Processing (NLP) by IBM Watson, was able to 600,000 documents & could save $10 USD million dollars of time, while also keeping the data safe.

IBM NLP’s service includes Content mining, smart document understanding, keypoint analysis, to name a few things. These services can be used individually too & can be integrated easily into the daily workflow.

For Google’s Natural Language Processing, their research focuses on extracting algorithms which can be applied at scale across languages & domains to change user’s experience in search, mobile apps, ads, translations etc. across Google.

Some of the key features in Google’s NLP include: AutoML for high quality machine learning models; Natural Language API for understanding with the help of sentiment analysis, entity sentiment analysis, content classification & syntax analysis; Healthcare Natural Language API to take out machine learning insights from medical documents.

2. Google & IBM’s Massive AI Investments to Fuel Innovation

Google is one of the biggest players in AI markets, not just in the US, but across the world. In 2022, they have invested about $30.7 billion in AI for improving its search engine & other products like Google Assistant. The company has been investing in various start-ups. In February 2023, Google had invested $300 million Anthropic, with its money & computing power towards the booming generation of AI companies. They’ve initiated these investments in such companies, to increase their customer base.On the other hand, IBM had invested $200 million in 2021 to develop it’s AI assistant Watson & deliver insights from billions of sensors in cars, drones, machines, ball bearing, equipment etc. In 2023, a $102 million AI investment supported by IBM was developed. This investment reportedly stood in tough competition to OpenAI’s ChatGPT.

According to Ken Research, the US Artificial Intelligence Market , is expected to reach more than 100 billion towards 2028 because of digitalization & a significant reliance on AI-integrated systems for analyzing large amount of data & improving operational efficiency.

3. AI Powered Solutions by Google & IBM lead the way to Cybersecurity

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As artificial intelligence is getting more traction across the United States, one needs to make sure that their data is safe from data breaches & cyber-attacks. IBM provides cybersecurity through AI-based solutions like IBM Security Q-Radar SOAR, IBM Security Q-Radar SIEM etc. which provide effective insights & right actions to counter cyber threat.

In 2023, Google announced Cloud Security Workbench, a cybersecurity suite powered by specialized AI model called Sec-PaLM, which was made to resolve security cases, along with Mandiant Threat Intelligence AI, a Google property which will find, summaries & act on security threats.

VirusTotal, another Google property helps in analysing & explaining behavior of malicious scripts. Tackling security-related threats will allow the AI market to grow.

4. AI Powered Solutions by Google & IBM for Best Customer Experience

IBM Assistant Chatbot chart showing customer experience

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Google has launched Cloud Center AI to leverage personalized customer management for any organization, extending the ability to offer services through a human agent, virtual agent or both. This helps in resolving data fragmentation & providing personalized, flexible support.

For customer experience, IBM has Watson Speech to Text, which uses AI technology to understand the customer’s voice & turn it into usable, searchable text in real time. The benefits of this AI tool include call transcription, seamless conversation & speedy live agent call resolution.

Tools like these are helping businesses to deliver to their customer’s expectations & offer quality services.

Conclusion

The revolutionary advancements by Google & IBM Watson have reshaped industries, enabling efficient data analysis, cost savings & enhanced customer experience. Both companies have made massive AI investments to drive innovation & expand their reach, leading the way in cybersecurity solutions to protect against data breaches & security threats. With these tools by Google & IBM, businesses can easily provide personalized, high quality, driving growth & meeting expectations.

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Artificial Intelligence USA Market

US Artificial Intelligence Market Expected To Reach $100 Bn By 2028: Ken Research

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More than 25 per cent of large enterprises in US have been actively using AI for developing their products & services. This can be attributed to their high-cost investments, with which they attract the best talent.

The United States has been investing in Artificial Intelligence (AI) for many decades now, especially post COVID-19 pandemic, the demand for AI has increased across many sectors like healthcare, retail, finance, transportation etc. As per the forecast, the demand will exceed & the industry is set to soar new heights in the upcoming decade.

Story Outline

• In 2022, 25% of larger enterprises in the United States have been using AI for product and service development & among the small & medium sized enterprises, only 3 to 4% of small and medium-sized enterprises used AI.
• The US government has made significant investments on AI, allocating $3.3 billion in 2022. The investments were focused on decision science, computer vision, and autonomy segments.
• The US government took proactive steps to promote responsible AI development, including creating research and development hubs, developing ethical guidelines, and drafting an AI Bill of Rights to ensure proper design, use, and deployment of AI systems.
• According to Ken Research, the US artificial intelligence market is expected to reach more than 100 billion towards 2028, owing to digitalization & a significant reliance on AI-integrated systems for analyzing large amount of data & improving operational efficiency.

1. AI Revolution Driving Tech Advancements & Economic Growth

Percentage of companies using AI as production technology for goods & services, 2022

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The US Artificial Intelligence market is gradually becoming a crucial driver when it comes to undertaking technological advancements for the United State economy. In 2022, more than 25% of the larger enterprises are using AI for developing products & services & among small & medium sized enterprises, there are only 3 to 4 per cent of companies which are using it. A possible explanation for this can be that the larger companies can afford the time, money & personnel resources from other countries to attract the best pool of talent for developing AI in the country.

2. AI Investment Surges: US Leads the Way in Responsible Innovation

US Government Spending by Segment 2017-22 (in billion dollars)

US Government’s spending on artificial intelligence contracts has reached $3.3 billion in 2022. This investment has gone up by $600 million from previous year & the highest investments have been dedicated towards decision science, computer vision & autonomy segments.

Recently, in May 2023, the White House also announced a $140 million investment on creating 7 artificial intelligence research & development hubs & also developed a new set of guidelines, especially for the private sector towards ethical, moral & legal use of AI technology in the country.

“Realizing the promise of AI by managing the risk is going to require some new laws, regulations, and oversight. In the weeks ahead, I'm going to continue to take executive action to help America lead the way toward responsible innovation.”

                                                                                        -Joe Biden, President of United States

According to Ken Research, the US artificial intelligence market is expected to reach more than 100 billion till 2028, owing to digitalization & a significant reliance on AI-integrated systems for analyzing large amount of data & improving operational efficiency.

3. US Government Spearheading AI Initiatives for Prosperity & Security

 AI Research & Development Centre locations in United States (2021)

The US government has been active in terms of promoting AI oriented research & development programs like National AI Initiative of 2020, which became a law from January 1, 2021 to accelerate AI research & leadership for economic prosperity & national security.

Another policy is American AI Initiative which plays a similar role in ensuring national security & improving the quality of life. The initiative emphasized on the following practices:

1. Investing in AI research & development
2. Unleash AI resources by enhancing access to federal data models to identify new opportunities for improving AI models, while keeping confidentiality in mind
3. Remove barriers for AI Innovation
4. Embrace trustworthy AI for government services & missions
5. Training an AI-ready workforce

These programs encourage AI research, education and commercialization, thereby driving growth in the AI market.

4. Ensuring Ethical AI: The US Government’s Draft Bill of Rights

Ethical Dilemmas of AI in USA (2023)

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Artificial Intelligence in companies have changed the way businesses work & have also raised ethical concerns about the risk for companies because they don’t want to be impacted by data or ethics scandal which may harm the company’s reputation.

In October 2022, the US government led by Biden published a draft AI Bill of Rights to ensure proper design, use & deployment of automated systems. The White House Office of Science & Technology has recognized the five big AI principles which include:

1. BluePrint for Safe & Effective System
2. Algorithmic Discrimination
3. Data Privacy
4. Notice of Explanation
5. Human Alternatives, Considerations & Fallbacks

Artificial Intelligence has been used increasingly in the US and across the world. That’s why ensuring that there are ethics & regulations in place to ensure that people develop confidence in this technology & the government is taking active steps to address this.

Conclusion

The AI market in United States is driving technological advancements & economic growth, as large enterprises use it significantly & successfully contributing towards economic growth. The US government's investments in AI research and development and ethical guidelines highlight its commitment to responsible innovation. Initiatives like the National AI Initiative and the American AI Initiative are propelling AI ensuring the nation's prosperity and security through research, education & commercialization. Moreover, the government's efforts to establish an AI Bill of Rights demonstrate its commitment to building public confidence in AI technology.

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Artificial Intelligence USA market